TYNGSBORO — The foreclosure auction of the Stonehedge Hotel and Spa has been stalled after Boston East Tyngsboro Holdings LLC, the hotel’s parent company, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court District of Massachusetts Wednesday, federal filings show.
The petition, filed shortly after 10 p.m. Wednesday, follows a Superior Court ruling that day denying a motion for a preliminary injunction to stop the sale of the hotel.
The auction was scheduled for 11 a.m. Thursday, but an employee with J.J. Manning Auctioneers, the company managing the sale, confirmed Thursday morning that the auction will be postponed or canceled.
Under federal law, filing for bankruptcy triggers an automatic stay of attempts to collect a debt from a debtor.
The bankruptcy filings show that the company owes nearly $4.3 million in liabilities, including trade debts, debts owed for contractors and professional services and unpaid withholding taxes.
The document indicates that the company owes $40,000 to the town of Tyngsboro, but Tyngsboro Treasurer/Collector Jennifer Finnigan said Thursday that the actual amount owed for back taxes totals more than $70,000.
The petition claims Boston East Tyngsboro Holdings LLC holds roughly $7.1 million in assets, the bulk of which comes from the hotel property itself, which is valued at $6.3 million. The only cash assets listed are $2,900 in the company’s checking account, with the rest of the assets categorized as office furniture, inventory and insurance claims.
The company’s signatory and resident agent, Abhijit “Beej” Das, is a former Congressional candidate.